The Financial Stability Council of Ukraine has adopted a new concept for cryptocurrency regulations in which coins and tokens are recognized as monetary instruments.

The head of the National Securities and Stock Market Commission (SSMCS), Timur Khromaev announced via Facebook on July 20. The Ukraine’s Financial Stability Council now supports a concept for cryptocurrency regulations.

https://www.facebook.com/timur.khromaev/posts/10211791910141108

Moreover, the new concept recognizes cryptos and tokens as financial instruments with the support of the country’s Financial Stability Council. It also includes the representatives of the National Bank, the Finance Ministry and other government agencies. Further, the function of governmental bodies involves licensing transaction, terms and conditions on information and other factors.

However, the decisions of council are mandatory in analyzing and reducing risks to the stability of the national financial and banking systems. In order to achieve, the council included governor the Minister of Finance, the National Bank of Ukraine, heads of the National Securities and Stock Market Commission. And also they included National Commission for State Regulation of Financial Services Markets, and Managing Director of the Deposit Guarantee Fund.

Khromaev commented;

“an important first step in building a consensus among government agencies and financial regulators,” which confirms the commitment to cooperate with the Verkhovna Rada of Ukraine on the development of legislation and a regulatory framework for cryptocurrencies. The NSSMC head added that the framework aims to ensure transparency and a high level of interaction between “investors and crypto market participants”.

Noticeably, the idea of supporting the new concept of cryptocurrencies was giving by the NSSMC in May, 2018. Khromaev believes that developing crypto industry makes an crypto market as the part of finance and economy relations.

Last month, the Ukraine’s State Service for Special Communication and Information Protection has stated that it is not planning to regulate cryptocurrency mining. It was in response to an official request for information by the Better Regulation Delivery Office (BRDO).

Additionally, Ukraine cyber police say they support the idea of legalizing cryptocurrencies despite the fact that their existence and circulation depends on the foundations of financial pyramid.